Dogecoin (DOGE) has been in the news recurrently in recent times following the drop in its price that has been the center point in crypto-circles for quite some time now. The cryptocurrency usually tagged as a “joke project,” is now a significant one following the news that Binance, the biggest crypto-exchange by market capitalization, will list it soon. This listing news didn’t take too long after Ethereum CEO Vitalik Buterin showed his interest in DOGE.
The Ethereum CEO replied to a question from a Dogecoin supporter who asked him on his stance on DOGE. Buterin answered that he is a Dogecoin follower. Following the statement by Buterin himself, lots of Dogecoin enthusiasts on Twitter expressed that he deserves a Dogecoin t-shirt.
That aside, today, Binance crypto-exchange revealed about the listing of DOGE on its platform. The number one exchange’s announcement reads,
“Binance will list Dogecoin (DOGE) and open trading for DOGE/BNB, DOGE/BTC, DOGE/USDT, DOGE/PAX, and DOGE/USDC trading pairs at 2019/07/05 12:00 PM (UTC). Users can now start depositing DOGE in preparation for trading.”
As we write this, the price of DOGE increased by 32.36% following the news of Binance listing. It is vital also to note that DOGE 24-hour trading volume also spiked to $123,599,008 alongside its market capitalization, which is now at $505,751,703 after being at $338 million last week. According to coinmarketcap, the price of DOGE stands at $0.004293 at the time of writing.
The CEO of Binance Changpeng Zhao emphasized on the reasons behind the decision to add Dogecoin to his platform. Zhao stated through his official Twitter page that it was the enormous users or community behind the coin and the famous Ex-CEO Elon Musk that influenced DOGE’s listing on the largest crypto-exchange.
This one is an exception, as there isn't much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous "ex-CEO" (cough @elonmusk) helps!
— CZ 🔶 Binance (@cz_binance) July 5, 2019
It is essential also to note that last year, Zhao said that he would no longer involve himself in deciding which crypto-coin to list on Binance. He declared that there would not be any firm metrics to be listed, but if the crypto-project has a good-working product and an enormous level of users get interested in it, then it will be listed on the exchange without a second thought.
The creators of Dogecoin produced it as an attempt to foster a “better” method of digital assets among the crypto-community that was exhausted with technical issues and controversial stories. After using the DOGE meme of the Shiba Inu dog as the token’s periapt, its originators Billy Markus and Jackson Palmer wanted to create a fun crypto-coin that could reach broader demographic than Bitcoin.
Billy Markus and Jackson Palmer also wished to offer the crypto-world the same level of functionality as Bitcoin and other notable cryptocurrencies in the crypto-market. It implies that the DOGE can also be utilized for P2P payments, conversion, trading, and mining just like Bitcoin. Dogecoin is a standard altcoin, and it was launched in December 2013. It is now the 27th largest cryptocurrency in the market today.
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